Two Gulf retailers — Emke Group and Landmark Group — have been named amongst the world’s fastest 50 growing retail chains by auditing and research firm Deloitte. Emke Group, which operates the region’s largest retail chain, Lulu Hypermarkets, is the world’s ninth fastest growing retail chain, while Landmark Group has been named as the 16th fastest retailer in the world.
“While the fastest 50 is based on revenue growth over a five-year period, most of the retailers on the list maintained their aggressive growth,” Ira Kalish, author of the report, said.
Global Powers of Retailing 2013, a benchmark report released recently, also named the two retailers amongst the world’s top 250 retail groups for the first time.
Commenting on this achievement, Yusuff Ali MA said: “Last four-five years have been very positive for us in spite of the global slowdown. In fact, in this period, we opened 30 hypermarkets and malls across the region and recorded a sales growth of $4.25bn from $2.7bn, with compound annual growth rate of 30.5 percent. This shows the market is very strong for retailers who can provide world class quality and service at affordable prices to consumers.
“We have 104 stores across the region and this year we intend to open 12 hypermarkets, including the first one in India. This will generate additional employment opportunities for over 4,500. We are also exploring new growth opportunities in Egypt, Iraq and countries in the Far East, especially Malaysia and Indonesia. At, present, the group’s total strength is 30,000 of 29 nationalities.”
Lulu Group is owned by non-resident Indian (NRI) businessman Yusuff Ali MA based in the UAE. He’s also named as the most powerful Indian businessmen in the Gulf.
Emke Group also has a shopping mall development arm, Line Investments, that has been building some of the region’s largest malls. Recently, the group has started a money exchange house, which is expanding fast with the expansion of the group’s shopping mall chain. Emke Group has also developed India’s biggest shopping mall in Kochi in the southern state of Kerala.
The Peninsula
